“Although we expect the Fire Phone to receive plenty of media coverage, we do not anticipate any impact to Apple’s iPhone franchise,” Mr. White wrote in a note to clients. “With a long history in computing, we believe Apple is unique in its ability to develop hardware, software and services that work together seamlessly.”

The Fire Phone boasts a 4.7-inch screen, a 13 megapixel camera and earphones that resists tangling, among other features, CEO Jeff Bezos said at an event at Amazon’s headquarters. But Amazon has a long road ahead as it forges its way into the highly competitive handset market, long dominated by Apple and Samsung Electronics Co.

As Mr. White notes, Google generated plenty of buzz when it launched Nexus One in early 2010 as well as new products from Motorola Mobility more recently.

“History has proven that entering the mobile device market is tough,” Mr. White says. “In our view, today’s announcement represents another attempt by Internet-related players to compete in the mobile device world. These initiatives have left Apple unscathed in recent years.”

Apple shares were roughly flat at $92.14. The stock is up about 15% this year. Mr. White, who rates the stock a buy, has a $111 price target on Apple.